Why the Rise of Steem is Good News for All Cryptocurrencies

Cryptocurrencies are one of the most significant inventions of the current age, one that is capable of improving the lives of all human beings. Yet since the beginning of cryptocurrency, existing users have often struggled to bring new users into the system. One of the main reasons for this, I believe, is because the barriers to entry have been too high. Before a new Bitcoin user can buy their first coin they have to signup at an exchange, provide a bunch of ID documents over the internet, then wait for the exchange to approve their ID. This process is long and arduous, and drives away many potential new users.

A new user to Steem on the other hand, can obtain their first few coins simply by creating an account! This process takes all of 5 minutes, even for a complete newcomer. Then, to get their next few coins all they need to do is make an interesting post. This is something almost all new users will already be familiar with as a result of existing social networks. The process of making a post good enough to get paid can probably be completed in 10 minutes. In total, the entire process from beginning to end took about 15 minutes for Steem. With Bitcoin, the same process would have taken days or even weeks, and it would have been much more difficult.

In summary, the barrier to entry to crypto has just been massively lowered, and I believe the crypto world will never be the same again. All useful cryptocurrencies will likely benefit from the influx of new users, and Steem most of all.